Stellar Performance From XLM as It Posts Top 24H Percentage Gain Among Top 20 Cryptos
2025-07-12 18:28:12
Main Idea
Stellar's XLM token surged 6% in 24 hours, driven by PayPal's announcement to launch its stablecoin PYUSD on the Stellar blockchain, pending regulatory approval.
Key Points
1. Stellar's XLM rose from $0.3661 to $0.3880, peaking at $0.4095 within 24 hours.
2. PayPal plans to launch its USD-backed stablecoin PYUSD on Stellar, pending approval from the New York State Department of Financial Services.
3. PayPal highlighted Stellar's low-cost, high-speed payment capabilities and its potential to expand PYUSD's accessibility to over 170 countries.
4. PYUSD is issued by Paxos Trust Company and is fully backed by cash and cash-equivalent reserves, with a fixed redemption value of $1.00 per token.
5. PayPal's senior director emphasized Stellar's ability to extend PYUSD's reach to over 180 countries and its utility for merchants.
Description
On June 11, PayPal announced plans to launch its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), on the Stellar blockchain network, pending regulatory approval from the New York State Department of Financial Services. If approved, the move would mark the expansion of PYUSD beyond its current availability on Ethereum and Solana. PayPal described Stellar as a blockchain tailored for low-cost, high-speed payments with strong real-world utility. By adding support for Stellar, the company aims to ...
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